Business

Government to improve IPO procedures

The Government and the State Securities Commission (SSC) will have to improve the policies that have been preventing State-owned companies from being privatised, said officials and experts on April 1.
The Government and the StateSecurities Commission (SSC) will have to improve the policies that havebeen preventing State-owned companies from being privatised, saidofficials and experts on April 1.

Bui Hoang Hai, the SSC's DeputyDirector of Securities Issuance Management, said that 60 percent ofIPOs last year were successful. They had a total value of 11.4 trillionVND (530.23 million USD).

Hai said that during the first threemonths of this year, the percentage of successful IPOs and divestmentwas 44 percent, with a total IPO value of 1.25 trillion VND (58.14million USD).

He said that the reason for the lowernumbers was slowness in information disclosure, adding that State-ownedenterprises had to publish their profiles for IPO at least 20 daysbefore they were auctioned.

However, many of them published theirprofiles much later, causing difficulties for investors to preparecapital and information about the auctioned enterprises, he said.

Inaddition, the auctioned enterprises only published basic informationwhich was not attractive to strategic investors, he said.

TheSSC's representative suggested that state-owned enterprises reveal moreabout their profiles and speed up the information disclosure to attractinvestors in a highly competitive market with limited sources ofcapital.

Nguyen Thi Hoang Lan, Vice General Director of the HanoiStock Exchange (HNX), said her company asked the SSC and the Ministryof Finance to improve the Unlisted Public Company Market (Upcom) toattract strategic investors by dividing the market into smaller sectorsand developing specific indexes for those sectors.

She said that these recommendations will help investors get easieraccess to information and reduce administrative procedures to supportauctioned enterprises.

She said that HNX will work with securities companies and consulting companies to assist the auctioned enterprises.

During a conference in Hanoi on April 1, participants suggested waysof improving the quality of IPO and divestment for State-ownedcompanies.

Hoang Nguyen Hoc, Vice General Directorof the State Capital Investment Corporation (SCIC), said that the SSCshould allow State-owned companies to sell their stakes in even lots,which is an order for a security account of 100 shares for stocks.

Hesaid that investors will find it cheaper, easier and more convenient toacquire state capital in even lots, raising the efficiency of IPO anddivestment.

Vu Anh Minh, Director of the TransportMinistry's corporate management division, said that IPOs will helpState-run companies improve their performances and make largercontribution to the state budget.-VNA
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